Balance Assist® can help with unexpected expenses

Balance Assist® is a small dollar loan designed to help you manage short-term needs.

Are you eligible for Balance Assist®?

In addition to other factors, you must meet the criteria below1:

  • Checkmark item one

    You have had a Bank of America checking account open for at least 1 year (or 2.5 years if you don’t have a credit score2) and currently have a qualified Bank of America checking account (a SafeBalance® account does not qualify)

  •  Checkmark item two

    You have a positive balance in all of your Bank of America checking accounts3 and make regular monthly deposits

  • Checkmark item three

    You don’t currently have an open Balance Assist loan and have not opened 6 Balance Assist loans in the last 12 months

  • Checkmark item four

    Credit-based factors are also considered

Balance assist page shown in the app on a phone screen
Person sitting at kitchen table using a smart phone

Simple. Quick. Convenient.

Here’s an overview of how Balance Assist works.

  • Online icon

    Apply1 online—it’s quick and easy. Set up automatic payments during the application for additional convenience.

  • Fast icon

    If approved, you’ll have access to money in minutes

  • Cash icon

    Apply to borrow up to $500, for a $5 fee4

  • Loan icon

    Pay back the amount borrowed, plus the $5 fee, in 3 equal monthly payments4

Here’s what else you may need to know

Be sure to check the information below to see if Balance Assist is right for you.


Balance Assist is a credit product

We will report the loan status to the credit reporting agencies.


We'll need to run a credit check to approve you for a Balance Assist loan

Limited credit history? We’ll take into account your relationship with us. You can also build credit history by consistently paying back your Balance Assist loan when it’s due.   


Pay a flat $5 fee4 for Balance Assist

No matter how much you borrow.


The overdraft setting on your checking account will change when the funds are deposited


  • The checking account connected to the Balance Assist loan will be set to the “Decline All” overdraft setting.5 Learn about overdraft settings.
  • The “Decline All” overdraft setting will not cover payments and transactions when there isn’t enough money in your account
  • Overdraft fees are not charged for returned Balance Assist loan payments5
  • To change the overdraft settings on your checking account, contact us 5 days after your loan is paid in full

Frequently asked questions

An email will be sent to you within 2 business days of submitting your application with a link directing you to a letter explaining the reason(s) why your application was not approved. The letter can be found in the Statements & Documents/Notifications and Letters section of Mobile and Online Banking.

No, you cannot apply for a Balance Assist loan in the financial center or via telephone. The only way to apply for a Balance Assist loan is in Mobile and Online Banking.

You may apply for another Balance Assist loan 24 hours after you have paid off an existing Balance Assist loan. You must meet all credit criteria to be approved for another loan. You may borrow up to 6 times over a 12-month period.

No, the payment due date and payment amount due cannot be changed/modified.

You can repay your loan using Online or Mobile Banking.

No, automatic payments are not required. During the application process you have the option to set up automatic payments. If you did not select automatic payments during the application process, you will need to make payments manually.

Automatic payments are free to set up and make repaying your Balance Assist loan easy. However, auto-payments are not required.

Below is an example payment schedule based on the amount borrowed.

Loan Amount


Payment 1

Payment 2

Payment 3

Total Payment





































While there are no finance charges or fees for late payments, we report your payment history to the credit bureaus including payments made on time and late payments. Late payments and defaulting on a Balance Assist loan will impact your ability to borrow from Bank of America, including potentially receiving a lower maximum loan amount to being declined.

There are currently both email and Online Banking alerts that will remind you of upcoming payments as well as past due and posted payments. These are automatic and cannot be turned off.

The Loan Agreement is located in the Statements and Documents section of the account to which the funds were disbursed within Mobile/Online Banking.

To help you avoid overdrawing, your account will be set to the Decline All Overdraft Setting. This means that if you do not have sufficient available funds in your account to cover an item, the item will be returned unpaid. You may be assessed a fee by a merchant if this happens. While you have an active Balance Assist loan, this setting cannot be changed. However, 5 business days after the loan is paid in full, you can contact us to have your setting changed back.